Planning the Future of Your Farm: A Workbook Supporting Farm Transfer Decisions, Virginia Edition

This publication is available in PDF format and in hard copy upon request (see below).

The "Planning the Future of Your Farm: A Workbook Supporting Farm Transfer Decisions, Virginia Edition" has been developed to help Virginia families who own farm, forest and horticulture lands and desire to keep their land in production and/or in their family as it passes to the next generation. The goal of this workbook is to provide families with a resource to use as they complete the work necessary to transfer their farm land and/or farm businesses. This workbook was originally created in 2012 and has been updated and revised for 2017.  

Printed, spiral-bound copies of this workbook are available for no-cost courtesy of funding from the Virginia Agricultural license plate. To get hard copies, please indicate the number desired (each workbook is 100+ pages double-sided). For service providers, such as extension agents, workbooks are available in boxes of 50 for workshops and events. Please provide at least three weeks prior notice when requesting boxes and make sure a mailing address is provided that can accept deliveries (not a P.O. box). 

Workbooks can be requested by e-mail, phone or U.S. mail from the Virginia Department of Agriculture and Consumer Services (VDACS), Office of Farmland Preservation: 

VDACS, Office of Farmland Preservation 
Attn. Jennifer Perkins
102 Governor Street 
Richmond, Virginia 23219 
Phone: 804-786-1906 
E-mail: jennifer.perkins@vdacs.virginia.gov

Table of Contents

Acknowledgements
About the Virginia Edition
How to Use This Workbook

Section One: Developing a Vision for the Future

• Farm Transfer Planning: A Suggested Definition
• Farm Transfer Planning: How to Begin
• Starting with What You Want
• Managing Risks with Farm Business Transfer: The 5 D’s
  • Worksheet 1.1: Quick Risk Assessment: The 5 D’s
• Improving Farm Family Communication
• When Family Business Transition Makes No Sense
• Developing Goals and Meeting Objectives
  • Worksheet 1.2: Planning the Family Meeting
  • Worksheet 1.3: Rating Family Values 
  • Worksheet 1.4: Rating Your Comfort Level 
  • Worksheet 1.5: Sketching Your Lifestyle Plan 
  • Worksheet 1.6: Estimating Income and Expenses 
  • Worksheet 1.7: Setting Goals and Objectives 
  • Worksheet 1.8: Reconciling Priorities 
  • Worksheet 1.9: Turning Goals and Objectives into Action

Section Two: Evaluating Your Farm Resources

• Evaluating Your Farm and Community Resources
• How Do You Own Your Property?
  • Worksheet 2.1: Evaluating Farm Resources
    • Part I: Natural Resources
    • Part II: On-Farm Buildings and Infrastructure
    • Part III: Local and Community Infrastructure
    • Part IV: Farm Asset Net Worth Statement
    • Part V: Management (Human Resource) Assessment

Section Three: Farm Transfer Tools

• The Tools of Farm Transfer
• Basic Estate Planning Documents: Wills, Trusts, and Gifting
• About the Federal Estate Tax: A 2011 Update
• Entity Choice for Agricultural, Forestry, or Horticultural Ventures
• What is a Buy-Sell Agreement?
  • Table 3.1 Quick Comparison of Business Entities
  • Worksheet 3.1 Checklist for Business Agreements
• Developing A Lease for the Farm
  • Worksheet 3.2: Short-Term Lease Checklist 
  • Worksheet 3.3: Estimating Costs and Estimating Rent
  • Worksheet 3.4: Repairs and Maintenance Checklist
• About Conservation Easements

Section Four: Meeting with Professional Advisers

• About Your Team of Professional Advisers
• Gathering Information About Your Estate
  • Worksheet 4.1: Locate Important Documents
  • Worksheet 4.2: Wills and Trusts Basics
  • Worksheet 4.3: Gathering Information About Your Estate 

Glossary